Mark Penn, co-founder of Penn Schoen Berland and currently a senior exec at Microsoft, is leaving to found an investment company, Stagwell Group LLC, focused on digital marketing services.
<! pod><! pod>According to the Wall Street Journal (www.wsj.com ), the new venture has raised $250 million in funding, with investors including former Microsoft CEO Steve Ballmer; and has the leverage to make up to $750m in acquisitions. Penn says it will focus on 'digital-first' companies that use technology and data to inform creative work - this may include advertising, research, data analytics and public relations.
He comments: 'There's a lot of room for new blood in the advertising and marketing industry. Every client is looking for how to combine good advertising creative with good data analytics. I don't think they're getting those answers from the companies they've got, even if they've got some of the biggest companies in the world'.
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.
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